Use Big Data to Grow Your Business
Embed Size (px)
Big Data allows you to predict the future by analyzing real-time or historic data. Use it to understand the customer journey; recommend products; improve search results; and predict customers leaving.
Transcript of Use Big Data to Grow Your Business
- Image source: www.flickr.com/photos/beatkueng/5182116596/
- 90% of the data in the world today was created in the last two years. Source: From Defensible Disposal: You Can't Keep All Your Data Forever, Forbes, 7/17/2012 Data is Now Everywhere
- Big Data helps you predict the future
- The Big Impact of Big Data Hiding within those mounds of data is knowledge that could change the life of a patient, or change the world. Atul Butte, Stanford Information is the oil of the 21st century, and analytics is the combustion engine, Peter Sondergaard, Senior Vice President, Gartner War is 90% information. Napoleon Bonaparte Without big data analytics, companies are blind and deaf, wandering out onto the web like deer on a freeway. Geoffrey Moore, author and consultant.
- Multiple Big Data Priorities Source: TechRepublic/ZDNet
- Investments Across Industries
- 80% of information is unstructured, but only 35% of companies currently tap into this.
- Know Your Customers (1) "Big Data will spell the death of customer segmentation and force the marketer to understand each customer as an individual within 18 months or risk being left in the dust Ginni Rometty, CEO, IBM Customer segmentation is dead, - its now a market of ones. You have to become like the NSA to stay safe and in business. Every customer wants to be unique its all about me!
- Know Your Customers (2) Gather data from social media Encourage customers to use Facebook authentication to login to your system. Try to get permission to capture user profile, friend list, email address, work history, education history, hometown, current city, and likes. Gather customer insights based on location (region, country, etc.) preferences (customer profile, communication, etc.) and behavior (click-throughs, website navigation, registrations, content, Likes, etc.)
- Gather Customer Insight
- Big Data Opportunities Some use cases: Understand the Customer Journey Identify what it actually takes for customers to buy your product Recommend Products Use customer data to predict which products to recommend Improve Search Results Provide real-time meaningful search results Predict Customers Leaving Identify why customer dont renew their subscription
- Understand the Customer Journey A good Marketing Automation solution integrated with a CRM solution will identify what multi-touch marketing programs that actually gets you new customers. Its not just where customers came from, but what a potential buyer do before buying your product, e.g. download a free whitepaper, visit your website, attend a free webinar, talked to a sales rep. This allows you to document your demand waterfall with metrics for each step. Source: Sirius Decisions Grow revenues by improving your marketing and sales
- Improve Search Results Orbitz uses Hadoop to store and process non- transactional big data, e.g. web searches. They use it to optimize hotel search and provide recommendations. As an example, they found that Mac users are willing to spend 30% more on hotels than PC users. Mac users are therefore presented with pricier hotels first in the list, which increases Orbitz revenues. Orbitz grew revenues by tuning search results - What could this be for your company?
- Recommend Products Use customer insight to recommend relevant products Frequently bought together Customer who bought this item also boughtAmazon says 35 percent of product sales result from recommendations - What could this be for your company?
- Predict Customers Leaving By combining mass customer history data and analyzing customer transactions and interactions, T-Mobile could extract the behavior of the customer before they switched to another operator. This allowed T-Mobile engage customers before they cancelled their subscription. In the first quarter of 2011, T- Mobile halved its churn rate in the United States. An annual churn rate of 50% implies an average customer life of 2 years. Improving this by 50% would be an annual churn rate of 25%, which is an average customer life of 4 years. - What could this be for your company?
- Get Help Identifying Opportunities
- Join the AIIM Community AIIM is the global community for information professionals Founded in 1943 80,000 active community members We do research and task forces analyzing trends and opportunities Forbes Magazine called our research with author Geoffrey Moore the "Best social media idea of 2011 AIIM published the 2014 eBook Information Chaos vs. Information Opportunity with 34 steps users need to take AIIM is a also leading provider of training and standards www.aiim.org